The Perils of Putinism

Updated Dec. 15, 2007 12:01 a.m. ET

Plans for a transition of power were unveiled this week in Russia. The news is that there won't be one.

Many Russians and foreign investors alike were cheered by Vladimir Putin's clearest signal yet of his intention to stay in charge beyond March's presidential elections. Shares soared on his endorsement Monday of longtime aide Dmitry Medvedev to nominally take his spot in the Kremlin. Shares jumped again a day later when the heir...